All businesses make use of different kinds of marketplaces to sell their products. Snapdeal happens to be one such marketplace. Unlike most other marketplaces, Snapdeal has grown at a phenomenal pace, perhaps due to its user-friendly interface that’s made it convenient for buyers and sellers alike. Through Snapdeal, over 500,000 sellers can not only set up their online stores but also take advantage of the other valuable services Snapdeal offers including cataloguing and storage services, which are often helpful as they help keep track of inventory levels. Overall, Snapdeal proves itself a rather excellent platform for businesses and customers alike making it truly essential for anyone looking to sell their products or services online!
Since Snapdeal provides so many services to businesses using its platform, they charge various types of fees. Since Snapdeal has millions of sellers using its platform. They have millions of transactions to deal with every day, which can cause errors in charging these fees sometimes. These errors can either be caused by some mistake or technical problem. So, sellers have to be able to find out these errors and rectify them. For this, reconciliation of these charges levied is very important.
So how can a business reconcile this data?
If one were to think of how to reconcile this data using a manual or traditional method, there would be very little chance of completing the process without mistake. This is where Cointab’s Auto reconciliation system can help a business. The key advantage of using automated reconciliation is that a business can save the precious time that goes into data handling and directly skip to the process of analyzing the reconciled data through their finance team and rectify any errors directly. This will help a business gain assurance about the charges levied by Snapdeal and save a lot of time and money.
The Reconciliation process involves the following:
The Fees charged by Snapdeal are as follows:
- Marketing Fee
- Closing Fee
- Payment Collection Fee
- Courier Fee
These Fees are verified by using the Snapdeal settlement report and the rate cards created by Cointab. These rate cards are based on the rates that Snapdeal charges.
Since Snapdeal doesn’t provide a separate fixed-rate card for each of these charges. These fees are calculated by summing up all the fees together for each order and are then verified against the flat commission percentage (22%) or minimum deduction value which is Rs.75 (whichever is higher). These rates are from Snapdeal.
After this calculation, we verify the calculated amounts with the amounts charged by Snapdeal in their settlement report. This verification takes place for each order and then summarized in a result for easy analysis.
The Result will be as follows:
The Result Displays:
- Fee Correctly Charged
- Cointab’s system calculates the fees and compares them to the fees charged by Snapdeal in their settlement report. If the Amounts match, they are highlighted as Fee Correctly Charged.
- Fee Overcharged
- Cointab’s system calculates the fees and compares them to the fees charged by Snapdeal in their settlement report. If the calculated amount is less than the Snapdeal charged amount, they are highlighted as Fee overcharged.
- Fee Undercharged
- Cointab’s system calculates the fees and compares them to the fees charged by Snapdeal in their settlement report. If the calculated amount is more than the Snapdeal charged amount, they are highlighted as Fee undercharged.
